New landlord seeks advice- does this scheme sound safe?

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    #76
    In student lets it very much IS standard practice ...They are given 3-4 on a 12 mth to settle in and then given the opportunity(first bite of the cherry so to speak) to resign(as long as they are behaving themselves) for the following year...if they dont sign then prop will be let to "another party" and S21 will be used to make sure house is clear for next set of T's...

    Really dont see a problem with this ...and ...nor apparently do the students or more importantly -their parents!)

    I believe students asking for a 2 year ast get 2 ast's back to back ...instead of a s21 !!

    There are occassions where they are useful and necessary ...granted the s21 could be on mth 10 ...but to do it at ast set up is more efficient management if you have a lot of prop to manage...
    Student T are made very aware of exactly what is going on...


    Personally i have never issued a S21(ever...for any reason beginning -middle-or end of term!) as i manage my own portfolio and i TALK to my T throughout the term ....

    And for the situation of the OP see no benefit in doing so ..If a problem is identified THEN think about issuing it...


    Simon
    A pessimist sees the difficulty in every opportunity; an optimist sees the opportunity in every difficulty.
    W.Churchill

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      #77
      Originally posted by Rodent1 View Post
      Personally i have never issued a S21(ever...for any reason beginning -middle-or end of term!) as i manage my own portfolio and i TALK to my T throughout the term ....
      Well said that man. Communication!
      Now signature free.

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        #78
        Originally posted by kfarmah View Post
        ... and will market the property @£650pcm, which leaves me abt £16-£18 in the black each month.
        Anyone else think this does not sound like an astonishingly high margin?
        What happens if the washing machine needs replacing, or some other major expense crops up? Won't you be making a loss on the year?

        I was but a humble tenant until recently (and, incidentally, am fairly sure I never saw a s21 !) but I always assumed LLs made upwards of 50quid/month on the deal just to make it worth their while....

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